Coinbase is getting lighter – The digital wallet offered by Coinbase no more waiting for spring to clean. The Coinbase Wallet in fact, stop supporting 4 projects of cryptocurrencies to make life easier – and complicated for its users, who have to change dairies.
More BCH, ETC, XRP and XLM in Coinbase Wallet in January
the fashion effects come and go, and lately more and more NFTthe challengeand the buzzword “Web3” that sells and catches the eye. In good victim of fashionthe company behind the crypto exchange Coinbase decided to succumb to the trends of the time, shedding old projects.
On November 29, 2022, Brian Armstrong’s company announced that its application Coinbase wallet (a crypto wallet not custodial) no longer support the following 4 cryptocurrencies: bitcoin-cash (BCH), Ethereum Classic (ETC), the XRP from Ripple, and Stellar (XLM).
The cessation of support for these cryptos will begin at January 2023. The reasons requested are, on the one hand, a “low usage” in this blockchain network of the Coinbase wallet, and on the other hand that the company favors hype from Web3.
“After careful evaluation, we will remove support for several networks with low activity in the Coinbase Wallet starting in January 2023, including BCH, ETC, XLM, and XRP. These routine reviews allow us to continue to investing in new features that make Web3 more accessible. »
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Dogecoin will remain supported
Users of these 4 crypto networks have onlya month to return and find another compatible wallet. Because beyond January 2023, BCH, ETC, XRP and XLM cannot be transferred from Coinbase Wallet. Users should use their recovery phrase/private keys to manage their funds through another wallet.
The crypto-stock exchange determines that it has no impact in the list of these cryptocurrencies on Coinbase.com. They will remain available tobuy/hold/transfer in crypto exchange accounts. However, the customers did not not the private keys of “their” cryptos (technically held by Coinbase).
funny thing, Dogecoin (DOGE) – famous smiling Shiba dog memecorner – stay supported along with Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and all EVM-compatible networks (Solana, BNB Chain, Avalanche, Polygon,…).
The 4 projects allocated to the Coinbase Wallet are still listed in the Top 30 of the most valuable cryptocurrencies. XRP to Ripple even holding on to 7th place (before Dogecoin, 8ᵉ). Doesn’t Coinbase’s decision give a small share of sirens to ease (no more support maintenance to ensure) on the one hand, and fashionable effect Web3 / the ” hype Elon Musk for DOGE on the other hand?
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